MPartners Report (11/5/2012) - "Current Outlook for 2013" is now at WirelessLedger.com.
View/Download PDF Report: http://bitly.com/RLGh0s
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The difference between our previous sum-of-the parts calculation is approximately $4.00 per fully diluted share. Most of the variance is due to primarily to an increase in cash on hand from approximately $16.30 per share to $18.60 per share.
The remaining difference is due to an increase in our estimate of RIM and HTC per unit sales in 2013 (about $0.70 per share) along with $1.00 per share small positive variance between the loss of Samsung licensing and the expected sale of patents during the next two years.
...We reiterate our BUY recommendation and increase our 12-month price target to $49.00 from $45.00. Our estimate excludes licensing revenue from Nokia, Huawei, ZTE, LG, and Samsung. Additionally, we assume that Apple does not upgrade its licensing to 4G LTE until it renews in 2014.
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